Well... hope they weren't planning to use that for the PS4.

Only work with already hacked PS3 (before firmware 3.55)... so if you have a old PS3 hacked you can use the lastest firmware hacked.

That's not work with PS3 updated with official firmware > 3.55.

From what I've gathered you only need a PS3 that was manufactured when 3.55 has not been released yet.
Then you can still downgrade to 3.55 even if you had 4.X on it.
So still the vast majority of all sold PS3s are able to do this.

so from this about 100 people can hack the ps3

That was my thought but sadly(happily idunno)... guess it's only old models.

Anyway, as people are saying, apparently it's not that worrisome, so until it really happens this is almost nothing.

Was bound to happen eventually really.

You can't downgrade without a mod chip (progskeet ATM).

After PS3 Slim CECH-30* it's impossible to downgrade or rack (yet)... all PS3 shipped after July, 2011.

Whoa....so PS3 could never run pirated games? I thought it happened allready.

So whenever we see 360/PS3 software sales are so close, can we automatically assume 360 gamers are playing way more due to piracy?